Along with the lazy, hazy days of summer come some extra expenses, including summer day camp, nursery school and preschool. The IRS has some good news for parents: those added expenses may help you qualify for a tax credit. Sorry, overnight camp does not qualify.
The childcare credit is designed to assist working parents with some expenses involved in raising a child. The credit varies depending on the taxpayer’s earned income. It reduces the amount of federal income tax due, which can in turn increase your refund.
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